SYDNEY (Yosefardi) – Cooper Energy Limited recorded net profit after tax of $13.6 million for the 6 months to 31 December 2013 (first half of 2014), jumped by twofold (up 198%) from $4.6 million in the same period of 2013.
The growth in earnings was primarily driven by record production from the company’s Copper Basin, Indonesian operations and higher oil price.
Production of 0.30 million barrels was 41% higher than the 0.21 million barrels produced in the first half of 2013.
The avedrage oil price for the period of A$126.50 per barrel was 15% higher than the previous corresponding period’s average of A$109.80 per barrel.
An extensive seismic acquisition and processing program during the first half has delineated exploration targets for drilling in the Copper Basin and in Indonesia.
Cooper Energy’s Indonesian operations are Sukananti joint operation (KSO), Sumbagsel PSC, and Merangin III PSC. Sukananti production reached 158 bops from previous 54 bopd due to successful workover initiative.